SPEECH BY MR XI JINPING PRESIDENT OF THE PEOPLE'S REPUBLIC OF CHINA AT THE OPENING CEREMONY OF THE 5TH ANNUAL MEETING OF THE ASIAN INFRASTRUCTURE INVESTMENT BANK 2020/07/28 (Beijing, July 28, 2020)

Xi Jinping, President of the People's Republic of China

Ladies and Gentlemen, Governors, Ladies and Gentlemen, Heads of Delegation, Distinguished Guests, Ladies and gentlemen, Dear friends, On the occasion of the opening of the 5th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB), I would like to express, on behalf of the Chinese government and people, and on my own behalf, my warm congratulations on the holding of the meeting and my cordial greetings to the delegates of the AIIB members. At the end of 2013, I proposed, on behalf of China, the creation of the AIIB. 

The objective is to promote the construction of infrastructure and connectivity in Asia and to deepen regional cooperation for common development. On January 16, 2016, the AIIB was officially launched. For more than four years, following the modus operandi and the principles of multilateral development banks, the AIIB, an international institution that respects norms and high standards, has made a good start. From 57 founding members to 102 members across Asia, Europe, Africa, North America, South America and Oceania, the AIIB has grown and strengthened, providing nearly US $ 20 billion infrastructure investments for its members. 

With more and more friends and partners committed to a better quality cooperation, the AIIB has established itself in the world as a new type of multilateral professional development bank, efficient and with integrity. Faced with COVID-19, the AIIB acted quickly to set up a COVID-19 Crisis Recovery Facility program to support its members in their efforts to fight the virus and to recover the economy. It is a fine example of his capacity for action. 

The global response to COVID-19 clearly shows that human beings are intertwined and live in a community of shared future. Mutual support and solidarity cooperation are the only way to overcome crises. To respond to the questions that arise in economic globalization, countries must work towards more inclusive global governance, more effective multilateral mechanisms and stronger regional cooperation. 

As such, the AIIB can serve as a new platform for promoting the shared development of its members and building a community with a shared future for humanity. To do this, I would like to put forward the following proposals: First, we must focus on common development to make AIIB a new type of multilateral development bank for shared development around the world. 

Peace and development remain the call of our time. To promote the common development of different countries, infrastructure connectivity is an important material basis. The AIIB must be committed to serving the development needs of all its members and providing more quality, low-cost and sustainable investments for traditional and new-type infrastructure. 

This will give new impetus to economic and social development in Asia and beyond. Second, we must move forward in the spirit of innovation to make the AIIB a new kind of development platform in step with our times. Innovation is the key to the future. As a new member of the global economic governance system, the AIIB must keep pace with changes and know how to adapt. 

By modernizing its vision of development, its mode of operation and its institutional governance, and with flexible and diversified financing products for development, the AIIB will be able to contribute to strengthening connectivity, promoting green development and accelerating technological progress. Thirdly, we must strive for excellence to make the AIIB a new type of successful institution for international cooperation. 

High standard and high quality must be ensured in the development of the AIIB. While respecting international standards and the general development law, the AIIB must take into account the real development needs of its members, so as to create the best practices of international cooperation for development. 

Fourth, we must pursue openness and inclusion to make the AIIB a new model of multilateral cooperation. In accordance with the principle of broad consultation, joint contribution and shared benefits, the AIIB must adapt to adjustments and changes in the global economic scene and cooperate with more development partners. It must provide public goods for the region and the rest of the world, promote regional economic integration and make economic globalization evolve in a more open, more inclusive, more balanced and beneficial to all direction. 

Ladies and gentlemen, Dear friends, China has always supported and pursued multilateralism and worked for development with other countries in the spirit of openness and mutually beneficial cooperation. It will continue to work with other members to support the AIIB and contribute to its success, in order to make a greater contribution to the international response to risks and challenges and to the achievement of shared development. 

I hope that the AIIB will live up to its mission, our expectations and our times. In conclusion, I wish this meeting every success. Thank you.
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